Yield opportunities on US dollars are at their highest in many years, and Ondo Finance has pioneered a model for bringing those opportunities on-chain with the Ondo US Dollar Yield Token ($USDY). Today, we’re excited to unveil a new set of integrations that enable the use of $USDY in Mantle Network’s Layer 2 DeFi ecosystem.
$USDY is a tokenized note secured by short-term US Treasuries and bank demand deposits. In contrast to common dollar stablecoins, it grants holders access to yields, making DeFi users’ idle dollars a better store of value.
To give users even further optionality, Mantle Network is soon to debut $mUSD, a stablecoin built on $USDY that is designed to maintain a constant peg to $1, while distributing interest as additional units of $mUSD. Directly in Ondo, users will be able to swap between $mUSD and $USDY with zero slippage.
Both assets give users the ability to generate yield on their dollars. These tokens can be further utilized for providing liquidity on Mantle-powered decentralized exchanges like AGNI, FusionX, and Swapsicle to earn additional yield.
Starting today, users can swap into both $USDY and $mUSD from any assets on any chain in a single click through Squid. Get started with these powerful, yield-bearing stablecoins by visiting v2.app.squidrouter.com today.
About Squid
Squid is a secure cross-chain router on Axelar Network that enables interoperability between blockchains and applications. Squid is easily integrated via their API, SDK, and front-end tools that facilitate fast and reliable single-click transactions and token transfers. Developers can use Squid to onboard users from any ecosystem and create scalable, seamless user experiences for anyone with a crypto wallet.
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About Ondo Finance
Ondo Finance is dedicated to enhancing the safety, efficiency, and accessibility of financial services through institutional-grade on-chain offerings. Ondo Finance has a technology arm focused on developing on-chain financial software and an asset management arm that creates and manages tokenized products.
About Mantle
Mantle’s first core product is Mantle Network, an L2 technology stack for scaling Ethereum. Mantle Network strives to be compatible with the Ethereum Virtual Machine. Mantle Network’s modular architecture separates transaction execution, data availability, and transaction finality into modules — which can be individually upgraded and adopt the latest innovations. Mantle Network is the first L2 to partner with ETH restaking protocol EigenLayer for the data availability module. By adopting a rollup architecture, Mantle Network is secured by Ethereum. As the world’s first DAO-spawned L2, Mantle Network is pioneering a vision for the mass adoption of token-governed technologies.